Dixons Retail has reported underlying pre-tax profits of £70.8 million for the 52 weeks to April 28 and was well positioned for the year ahead, said new chief executive Sebastian James.

Although this is down from the £85.3m achieved the year before –and total underlying group sales flat at £8.19 billion - results were at the top end of expectations having picked up speed in the last quarter of the financial year.

While like-for-like sales fell three per cent over the course of the year, they were up five per cent in the final three months. Indeed, like-for-like sales in the final quarter were up eight per cent in the UK and Ireland and up 10 per cent in the Nordic countries.

Said Mr James: “The new financial year has got off to a good start with the trends seen in the final quarter of last year broadly continuing. However, we continue to plan cautiously and manage costs aggressively."

In fact, the performance of the group - which is parent to Currys, PC World and Dixons – showed a distinct north/south divide. Strong figures in the north, which saw profits for the UK and Ireland and Northern Europe grow 15 per cent and 12 per cent respectively, were offset by weaker performances in Southern Europe and in PIXmania.

The store group pointed out that multi-channel sales were up 30 per cent in the second half of the year

Mr James said he was pleased the store group had “outperformed our competitors and ended the year with positive momentum delivering results at the top end of expectations.

“Against a tough economic backdrop, we have continued to deliver on a clear plan to transform the business and today we are setting out our three strategic priorities to further improve our market position and build a business that is stronger, more profitable and sustainable.

“Our service-led business model, now underpinned by the launch of Knowhow, is increasingly valued and trusted by our customers and our suppliers,” he said.